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10-04-2017 06:55 AM - last edited on 10-04-2017 01:35 PM by marketeye
At the close:
At the close, the December corn futures finished 1 3/4¢ lower at $3.48, while March futures finished 1¢ lower at $3.61 1/2.
November soybean futures finished 3¢ higher at $9.58 1/4; January soybean futures closed 2 ¾¢ higher $9.68 3/4.
September wheat futures finished 5¾¢ lower at $4.42.
December soy meal futures closed $0.50 per short ton lower at $311.00. December soy oil futures finished 0.44¢ higher at 33.23¢ per pound.
In the outside markets, the Brent crude oil market is $0.38¢ lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points higher.
At mid-session the December corn futures are 2 3/4¢ lower at $3.46, while March futures are 2 1/2¢ lower at $3.59.
November soybean futures are ¾¢ higher at $9.55; January soybean futures are ¾¢ higher $9.66.
September wheat futures are 5¾¢ lower at $4.42.
December soy meal futures are $0.40 per short ton lower at $311.10. December soy oil futures are 0.22¢ higher at 33.01¢ per pound.
In the outside markets, the Brent crude oil market is $0.05¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 33 points higher.
Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that corn and soybean markets remain in the gut slot.
“The big news is that the soybean basis is breaking in the face of big buying by China,” Hawthorne-Lahre says.
Both corn and soybean technical charts look dismal, with Dec. corn contract nearing its 52-week low and the Nov. soybean contract hitting recent week lows.
“They both are sitting right on support. Wheat is in its usual friendly period, as the crop is locked up against the big carries,” she says.
Minneapolis wheat completed a round trip of the big move this summer, as it now falls due to the USDA’s Sept. 29 Report estimating the crop production number coming at 416 million bushels.
“Whispers this summer had the spring wheat crop as low as 350 million, so that's why the USDA dropped the big one on the longs there. It’s gonna a be a long fall,” Hawthorne-Lahre says.
At the open:
In early trading , the Dec. corn futures are 1¢ lower at $3.48, while March futures are 3/4¢ lower at $3.61. Nov. soybean futures are 1 3/4¢ lower at $9.53, Jan. soybean futures are 1 3/4¢ lower $9.64. September wheat futures are 2 3/4¢ lower at $4.45. Dec. soy meal futures are $1.50 per short ton lower at $310.00. Dec. soy oil futures are $0.19 higher at 32.98¢ per pound. In the outside markets, the Brent crude oil market is $0.12 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points higher.
Grains and beans were little changed overnight as investors weighed harvest delays against reported strong yields. Allendale also mentioned in a morning report that prices are caught in a bit of a technical range. Corn, beans and wheat all moved less than a penny overnight. CoBank, which offers financing and other financial services to agribusinesses, said in report on Tuesday that large inventories in the U.S. and growing production globally will put a lid on prices, but that demand will expand as meat consumption increases. In weather news, it's going to be rainy in much of the Midwest as a storm tracks slowly across the Corn Belt. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-october-4.
Here's what happened overnight:
Brent Crude Oil = down 0.3%
West Texas Intermediate = down 0.3%
Dollar = down 0.3%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks lower overnight.
10-04-2017 07:42 AM
From Last Friday's report:
"For soybeans, on-farm and off-farm stocks were pegged at 301 million bushels."
To me, this is the most interesting number to watch = Sept 1 ending stocks number.
What is the point where we hear the pipeline sucking air?
I seem to remember some talk about anything under 400 million was considered "short".
10-04-2017 08:28 AM
Stocks are higher now Iowa was harvesting beans with a passion this last week.
Even The local Gavilon train loader was open this last weekend, kept sending out texts extending hours.
10-04-2017 08:29 AM
Bad part is they are going to have to repeat that same song and dance for another month because rain is going to freeze combines in their tracks for quite a while in many areas. This tiny record crop is getting wet
10-04-2017 08:52 AM
Yes - the pipeline is being refilled now but my question relates to ending stocks number for Sept 1, 2018.
If this year's crop turns more towards the less than stellar condition reports published during the summer, then what??
What is the ending stocks number that raises concern??
10-04-2017 09:53 AM - edited 10-04-2017 09:54 AM
All reports of big yields are second hand hear say .... ? Actual accounts are pretty much disappointing and below expectations .......... just noting the comments here....... and it is a pretty good number in a pretty diverse number of locations.